Labor will pin its election hopes on a plan to boost the budget by $5 billion to fund its campaign commitments as it confirms new tax measures.
The Opposition’s budget strategy hinges on a crackdown on multinational tax avoidance and cutting “wasteful spending” on government labour hire.
“We know the best way to fix the budget and pay down debt is to lift growth and boost incomes in the best way to improve the economy and lift growth is to make smart and responsible investments like our policies are to expand productive capacity,” shadow finance minister Katy Gallagher said. But one of Labor’s centrepiece announcements was an internal audit into wasteful spending and rorts to be conducted by the Treasury and Finance departments.
If elected on May 21, Labor would enforce a 15 per cent minimum tax on the largest multinational companies in operating in Australia and limit debt-related deductions to 30 per cent of profits. “Australians are paying much more tax than they were when this government came to office but multinationals, at the same time, are avoiding their obligations to Australians,” Mr Chalmers said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Labor want to counter China in Pacific with ‘handful of ABC journalists’
Read more »
Labor release ‘laughable’ plan to keep Pacific onside: Kenny
Read more »
Federal Labor commits to new remote housing deal, immediate Indigenous homelands funding if electedThe commitment includes $100 million for immediate works on 'urgent housing and essential infrastructure' in Northern Territory homelands, where a recent report said hundreds of homes were in disrepair and new builds were critically needed.
Read more »
Election 2022 LIVE updates: Nationals reignite Coalition climate war; Albanese says Labor won’t impose carbon taxLabor has accused the Liberals and Nationals of being in “open warfare” over climate policy while Labor’s control on media appearances and daily messaging has left prominent frontbenchers effectively frozen out. Those stories and more in today's live bl...
Read more »